Punjab Newsline, Chandigarh-
Haryana Chief Secretary Anurag Rastogi chaired a high-level meeting with the Joint Finance Commission (JFC) of the Republic of Tanzania at Haryana Niwas, Chandigarh, today.
In an engaging session, Rastogi outlined India’s fiscal framework, detailing the division of tax collection responsibilities between the central and state governments, revenue sources, debt financing mechanisms, loans, and grants. He highlighted Haryana’s commitment to fiscal discipline, emphasizing that the state avoids off-budget borrowing.
Rastogi explained the principles of fiscal federalism in India, noting that states receive a share of central tax revenue based on Finance Commission recommendations. The 16th Finance Commission, currently active, is expected to submit its report by October 31, 2025.
He also discussed the roles of key institutions, such as NABARD, which supports agricultural and rural development projects, and the NCR Planning Board, which provides financial assistance to states in the National Capital Region. Additionally, he noted that the Reserve Bank of India facilitates State Development Loans (SDLs) or State Government Securities. Loans from foreign institutions and international banks, typically project-specific, are managed by the Ministry of Finance, Government of India.
The Chief Secretary also addressed queries from the delegation on financial management, debt servicing, and interest rates, fostering a productive exchange.
Ahmed Saadat, Chairman of the Secretariat of the Joint Finance Commission, expressed gratitude to the Haryana Government for the insightful session and appreciated the opportunity to learn from India’s fiscal practices.